Legal Question in Business Law in Nevada
Promissary Note to Purchase Business
My husband and I were eager to start a business. We signed a promissary note for $15,000 a payment of $250 for the next 60 months. We are not making money and are getting deeper in debt just to keep the business running. Is there a way to cancel?
1 Answer from Attorneys
Re: Promissary Note to Purchase Business
A whole lot more would have to be known in order to properly answer this question.
In general, just that fact that your purchase is not working out the way you wanted is no reason to stop paying the note.
Perhaps, if the business is losing money, you may want to terminate the business just in order to save the money that operating costs you.
All of the above comments can be disregarded if you bought the shares of the company and the written materials provided to you regarding the company's history contain falsehoods.
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